I know Finangel were mentioned last year but they seem an interesting new kid on the block - now offering a £50 incentive to new card holders when they open an account then top up and spend £50 on a new card. Obviously just an initial marketing offer to encourage sign up but the ability to split bills at partner retailers then pay off in 3 installments interest and fee free is certainly innovative. Is the Fintech marketplace going to be a bit like the energy market though and casualties are inevitable along the way?
I have just signed up to have a look they won’t send card unless you top up a minimum £10, it is also not clear how you would do the 3 month interest free option, there is a for you in app but it looks like just an add again no real info
Just took a look.
Appears to be just like the initial Monzo pre-paid card I had, but with a VERY stile Take 3 instalment feature.
Personally, I would find this uncomfortable and potentially confusing.
How would you plan for the money to be there each month for each debit, and would it actually help you long term?
I also don’t purchase at any of the Partners featured in the images.
Site states: “Your money is kept according to FCA regulation.”
Of course, that’s not the £85k type protection as it’s a pre-paid card/account.
My tuppence worth anyway